How Can A PEO Help Your Business?
Time is money and a PEO company's time savings benefits include payroll, HR, risk management, benefits administration and more. Outsourcing these tasks and a growing list of governmental compliance demands, allows for more time to work on business growth and increasing revenues for your Virginia Beach operation. Other PEO benefits include:
- Savings on workers' compensation insurance rates.
- Excellent employee benefits packages.
- Complete payroll administration.
- Access to HR professionals for employment related questions and issues.
What Does A PEO Company Charge for Services?
Average administrative costs are between 2-4% of your annual payroll. This means if your 15 employee, $400k annual payroll was charged 2.5% - the costs for all HR services would be $10k. With the Small Business Administration's survey showing employers spend an average of 8-15% of their time on the same work a PEO will manage - choosing to outsource is bargain!
How Does The PEO Relationship Work?
The business owner continues to hire and train employees as normal. It simplest terms, you're just outsourcing the work that takes time and doesn't generate a dime of revenue - allowing more time to focus on tasks related to growth. Plus, combining insurances, payroll and HR help, streamlines communication and costs.
Standard PEO contracts are for a year, with a 30 day notice to leave the relationship for each party. Over the last twenty years, PEOs are one of the fastest growing business outsourcing trends, providing services to over 2 million American employers.
Can We Keep Our Current Employee Benefits?
The answer is yes with most PEOs. If you have benefits in place, many times we’ll compare those against the PEO company’s plans to ensure you’re getting the best deal. If you choose to keep your current benefits, the PEO can pre-tax deduct those through payroll each pay period.
Why ELQ?
With hundreds of PEOs and employee leasing companies to consider, there may be only one that can deliver the benefits your Virginia Beach business needs. So whether it's lowering insurance costs, outsourcing payroll or accessing better health benefits for your group - our job is making that perfect fit happen.
Plus, you'll save the time spent calling dozens of PEOs and filling out countless questionnaires, as we've done the vetting and research for you since 2001. Give us a call and let's find out how your business could benefit.
